- 364,000 square foot, Class A R&D/Office complex comprising of 5 two-storey buildings located on a 20.5 acre site in Milpatas, California (Silicon Valley).
- Purchased at an attractive price of $358 PSF relative to other valuations in the Silicon Valley area that can exceed $1,000 PSF.
- Milpitas Office / R&D market and greater Highway 237 corridor poised to benefit from the continued growth of the tech industry as it lies directly in the path of the Bay Area’s expansion.
- Milpitas sub-market will become increasingly attractive to expanding tech sector after the completion of the Milpitas BART station (2 miles from asset) in early 2020.
- Asset was 100% occupied at the time of purchase with weighted average in-place rents of $2.04 PSF relative to projected market rent of $2.45 PSF.
- Minimal capital improvements will be required.
- Over hold period, Fund will benefit from in-place rents and seek to realize rental upside from lease expiries in Year 3 and 4.